Transocean Ltd.’s profit dwindled in the second quarter as the world’s largest offshore driller struggles to win contracts and keep rigs busy during an oil industry downturn.
Net income fell to $77 million, or 21 cents a share, from $342 million, or 93 cents, a year earlier, the company based in Vernier, Switzterland, said Wednesday in a statement. Excluding one-time items, the 17-cent per-share profit was better than the average 2-cent loss estimated by 33 analysts surveyed by Bloomberg.
Offshore rig contractors have been among the hardest hit in the industry, with customers slashing spending while new drilling vessels continue to enter an oversupplied market. Transocean announced on Monday it agreed to buy out the public stakes in Transocean Partners LLC for $249 million in an effort to cut costs and boost liquidity.
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